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What are the benefits of hiring an accountant for your small business?

If you’re thinking of the hiring of an accountant to help you run your company, you might be thinking about the benefits this might provide. Many people believe that the role of an accountant is restricted to filing annual accounts and ensuring that you pay taxes in the right amount. A good UK accountant can bring additional value for your company more than that. From creating an enterprise plan to obtaining a business credit, an accountant will help you through all phases of your company.

In order to demonstrate this, we’ve put together 10 ways that your accountant could help you.

1. Business plans – If your business is in its early stage, it could be very beneficial to engage an accountant in the process of writing the business plans. They’ll be able to include financial projections as well as other reports to ensure that it is accurate and professional. This will give your business the best chances of getting up and running.

2. Advice on business structure Once you have started your own business, you will need to determine which legal structure to use. You could choose to operate as a limited corporation, or be sole trader. An accountant can to explain the advantages and disadvantages of each type of structure and guide you to choose the best one for your company’s needs.

3. Compiling your final year’s accounts and tax return Compiling your final year’s accounts and filing your tax return is difficult, particularly in the event that you’re unfamiliar with the procedure. A professional accountant can do the task for you, making sure that you have met the deadlines for filing and that you pay taxes in the right amount.

4. Payroll management If you have employees you need to ensure that they’re taken care of. An accountant can aid by managing your payroll and making sure that your employees get paid for what they are owed, at the time they are due it.

5. The time you save It is possible to manage your accounting needs by yourself, you must think about how time-consuming the task can be. Employing an accountant to handle the accounting for you frees your time to concentrate on your business and earning money.

6. Offering you peace of assurance – If you opt to handle accounting issues on your own, you need to be confident in the ability of you to complete this crucial and complicated job in a timely manner. Engaging an accountant will offer you peace of mind knowing that your legal financial, tax, and legal duties you must fulfill as the business owner are in the in the hands of an experienced professional.

7. Help with tax investigations Though they are usually triggered due to some kind of error in the numbers Tax inspections may also be initiated at any time. An accountant can assist you get through this potentially stressful time by making sure that you are doing what you have to do when you’re required to perform it. A trusted accountant as an support during this time will aid you through the process with the least amount of anxiety.

8. Assistance in raising capital If you require additional funds, your accountant will guide you through the many avenues that are available to you. This could include introducing you to grant opportunities and tax relief programs or even preparing proposals to aid in submitting a loan application.

9. Controlling the growth of your company – whether you’re looking to add an employee to your team or expand your office space, your accountant will be able to look at the finer points like the cost of payroll, property tax and utility bills to determine if that this is the best option for your company.

10. Assistance with the sale of your business . If it be your intention to dispose of the business at any time in the future Your accountant will be able provide your company’s financial statements and financial statements that you can present potential buyers. They can also aid in due diligence by contacting the accountant of the buyer and this is usually required by law. An accountant can also assist you to organize your finances so that you receive the most profits from selling your company regardless of whether it is getting paid in a single lump sum or monthly installments.